Over the last 5 or six years …Can I Process In Advance In Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very bleak and I wish I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially beneficial for global companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for businesses operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and find how streamlining worldwide payroll payments can transform them from a difficult job into a strategic asset.
Handling payroll worldwide is a complicated task due to various guidelines, compliance requirements, information security issues, and banking guidelines. The sheer number of workers and organizations contributes to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and a lack of integration, leading to inconsistencies and inadequacies. Regardless of residing in an era of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to supply insights and services to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization spends on international payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international companies have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is shipped to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don’t run smoothly if they rely on the required numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be consisted of best and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity wherever you look right eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by businesses throughout the world so again you’re just looking to add increasingly more payments to this already complicated landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine challenges or real difficult sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any company has from a cost point of view from an impact viewpoint on staff members it is absolutely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful result on individuals’s well-being and lots of other factors if individuals aren’t paid uh I’ve constantly been impressed entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the first International Payments very first payroll payment option is an excellent primary step um providing an end-to-end payroll solution for your employees globally once again I think is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of services and lowering the number of tools platforms and bank accounts they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how important a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s involved in those processes and also so picture sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision getting that lots of thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and in fact see what was going on and type of try to return to everybody so proceeding appearance why do business select to primary different checking account there are Can I Process In Advance In Papaya Global services out there doing precisely this for specific nations and I have actually worked in a business or numerous organizations doing exactly that I can state it does not always feel effective and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the requirement I believe individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that needs looking at it needs changing however eventually people are extremely stuck to what they’re familiar
with best um change is a difficult thing all of us don’t like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping multiple savings account but there’s a huge amount of complexity goes with establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is substantial however I believe the truthful response is change um people have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep an eye on and this approach does present several difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Can I Process In Advance In Papaya Global